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Automotive News Headlines - Yahoo! News

Automotive News Headlines - Yahoo! News
  • BMW, Volkswagen, Daimler recall vehicles in U.S. with Takata air bags

    A Daimler sign name is pictured during the company's annual news conference in StuttgartFRANKFURT/WASHINGTON (Reuters) - The three largest German automakers said they will recall 2.5 million vehicles in the United States equipped with Takata Corp air bags, the latest moves in a long-running safety crisis involving the Japanese automotive supplier. On Wednesday, Volkswagen AG said it would recall 850,000 vehicles and BMW said it would recall 840,000 vehicles. The vehicles to be recalled have Takata-made air bag inflators that the Japanese supplier declared defective last month, affecting 5.1 million vehicles in the United States.

  • Corporate winners of Obama budget still face long odds

    Copies of President Barack Obama's proposed 2016 budget are displayed for sale at the Government Printing Office in WashingtonBy Lewis Krauskopf NEW YORK (Reuters) - Facing a hostile Congress in an election year, President Barack Obama will be hard-pressed to push through many of the proposals in his final budget as U.S. leader. Added funding could benefit suppliers such as Delphi Automotive, Autoliv and Mobileye, which are developing safety features for autonomously driven cars, and Lear, which makes electrical power systems, according to Brian Sponheimer, analyst at Gabelli & Co. "The market discounts that any proposals by this administration will be if not ignored, then outright put down," Sponheimer said. "There clearly is upside if it passes, but there is a very healthy skepticism that that is likely to take place." Obama's plan to fund an overhaul of the nation's infrastructure through a $10-a-barrel tax on crude oil could also boost engineering and construction firms such as Granite Construction said Morris Ajzenman, an analyst at Griffin Securities.

  • Recalled cars create a costly problem for U.S. auto dealers

    File photo of a CarMax dealership in Duarte, CaliforniaWith the recalls affecting Honda vehicles dating back several years, used-car dealers are facing increased pressure. It is legal under federal law to sell used cars with unrepaired safety defects that are subject to recall, but dealers that operate under franchises with manufacturers could be violating those agreements. It is illegal to sell new cars that are subject to a recall under federal law.

  • ArcelorMittal to mine stock market after massive loss

    ArcelorMittal, the world's largest steelmaker reported a net loss of $7.95 billion for 2015, more than four times the previous year's net loss of $1.86 billion in 2014ArcelorMittal said Friday it would ask shareholders for fresh funds, sell assets and slash costs after falling commodity prices pummelled its performance last year, leaving a gaping hole in its accounts. To help fill the shortfall, ArcelorMittal said it would tap into shareholders' pockets via a capital increase of $3 billion by mid-2016, and also sell its stake in Spanish automotive company Gestamp, roughly netting another $1 billion. The company's shares plunged in anticipation of the cash call, dropping by nearly 6 percent on the New York stock market, having earlier posted similar losses on European exchanges.

  • Timeline for Continental air bag recall issue
    (Reuters) - Continental Automotive Systems said on Thursday it supplied potentially defective air bag control units to 5 million vehicles used by Honda, Fiat Chrysler, Mercedes-Benz, and three other manufacturers built over a five-year period worldwide, widening an air bag safety crisis.

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